The following definitions shall apply in this chapter:
(a) Consumer. A “consumer” is an individual who borrows, leases, buys or obtains money, property or services under a written agreement.
(b) Consumer contract. A written agreement is a “consumer contract,” if:
(1) A consumer enters into the agreement primarily for personal, family or household purposes; and
(2) The agreement is one in which the consumer: (A) Borrows up to twenty-five thousand dollars or receives up to twenty-five thousand dollars in credit from a person who lends money or extends credit in the ordinary course of business; or (B) agrees to pay up to twenty-five thousand dollars to buy or lease personal property or services from a person who is acting in the ordinary course of business; or (C) leases any residential dwelling.
(P.A. 79-532, S. 1.)
Cited. 240 C. 58.
Cited. 18 CA 329.
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